This question <765|104> overall <75|77> Frosty: <3|77>.

Question 40: Is the magnitude of value of a commodity determined by the quantity of abstract labor necessary to produce it, or by the quantity of other commodities against which it can be exchanged?

[76] Frosty: According to Marx, the magnitude of value of a commodity is determined by the labor-time contained in the commodity. He writes that the amount of labor socially necessary for the production of a commodity exclusively determines the magnitude of value of any commodity. If two commodities contain equal quantities of labor, they have the same value. Marx also writes that the common factor in the exchange-value of a commodity is its value, but the exchange-value is the form of appearance of value. The nature of value for Marx at the present time is independent from the form of appearance.

Hans: There are some subtle dependencies which will be discussed in Section 3 of Chapter One.

[76] Frosty: Therefore, the magnitude of value of commodity is the quantity of abstract labor necessary to produce it.

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